Claude Walker – Ethical Equities

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On this episode:

Claude Walker is an Australian small company investor who attempts to unearth the best opportunities at the smaller end of the ASX. Claude and I first met when he became an investment analyst for The Motley Fool Australia and we have stayed in contact ever since.

As you’ll hear throughout this discussion, Claude seeks out companies which have a positive social and environmental impact and avoids those which have the opposite effect.

Claude is a very smart, passionate and transparent investor which is why I could have spent hours talking to him. Speaking of, I always do my best to be 100% transparent with you by acknowledging how I know guests on the show.

In the interests of complete disclosure, please pay careful attention to our opening discussion.

I hope you enjoy this conversation with Claude Walker of Ethical Equities.


  • 1:30 – Important disclosure
  • 3:00 – Claude’s childhood, including one parent as a barrister and a teacher
  • 5:00 – Why Claude didn’t pursue a legal career
  • 6:00 – How Claude dreamed what he wanted for his future and ‘treehouse investing’
  • 11:00 – Claude Joins Castlereigh Equity with Peter Phan
  • 13:00 – Joining The Motley Fool (TMF) Australia and working with Joe Magyer as the Director of Research.
  • 17:15 – What is Ethical Equities? Claude’s passion project.
  • 19:30 – Whose Ethics?
  • 21:30 – Finding companies with a positive social/environmental impact
  • 26:30 – Is ethical investing just quality investing?
  • 28:30 – Can ETF investors invest ethically? Is there anything wrong with that?
  • 33:00 – Why Claude invests in small caps
  • 34:00 – How Claude thinks about risk. (hint: not volatility)
  • 36:00 – Does part-time investing work and is it worthwhile?
  • 46:00 – Claude’s favourite books
  • 47:30 – What Claude’s advice to a younger him would be

Great Resources:


  • The Gorilla Game – Geoffrey Moore
  • Collapse – Jared Diamond
  • The last Liberal Art – Robert G. Hagstrom

Rask Podcast Guests:


  • Castlereagh Equity
  • TMF Australia

Learn more about Claude: 

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